Prime Minister Shri Narendra Modi Dedicates NTPC Power Projects To The Nation

Hon’ble Prime Minister Shri Narendra Modi has dedicated NTPC Darlipali Super Thermal Power Station (2x800 MW), NSPCL Rourkela PP-II Expansion Project (1x250 MW) and laid the foundation stone of NTPC Talcher Thermal Power Project, Stage-III (2x660 MW) with a total investment of Rs 28,978 Crore during a programme at Sambalpur.

Located in Sundargarh district of Odisha, Darlipali STPS is a pit-head Power Station with Supercritical (highly efficient) Technology, and is supplying low-cost power to its beneficiary states, such as Odisha, Bihar, West Bengal, Jharkhand, Gujarat and Sikkim.

The 250 MW project of NTPC-SAIL Power Company Ltd is established in Rourkela Steel Plant (RSP) to provide reliable power for the steel plant which is vital for economic growth.

Further, NTPC is developing Talcher Thermal Power Project, Stage-III within old TTPS plant premises in Angul district of Odisha, which was taken over by NTPC from Odisha State Electricity Board in the year 1995. The old TTPS plant was decommissioned after completing more than 50 years of service to the Nation.

The upcoming plant will have highly efficient Ultra Super Critical Technology based units and approximately three times capacity of the old TTPS plant. While 50% capacity from this project is dedicated to the state of Odisha, other beneficiary states such as Tamil Nadu, Gujarat and Assam will also get low-cost power from this pit-head station.

This project is being constructed with all modern environmental features like efficient electrostatic precipitator, Flue gas desulphurization, bio-mass cofiring, covered storage space for coal and will thus help in lesser Specific Coal Consumption and CO2 emissions.

Besides creating direct and indirect employment opportunities in the region, these projects have contributed to improvement of physical infrastructure such as approach road, drainage, transportation and communication facilities. Various community development initiatives are also being undertaken by NTPC in the surrounding villages in the area of education, drinking water, sanitation, health, women empowerment, rural sports, etc. NTPC has also set up a Medical College cum Hospital in Sundargarh, Odisha.

The occasion was graced by the presence of Shri Raghubar Das, Hon’ble Governor, Odisha, Shri Naveen Patnaik, Hon’ble Chief Minister, Govt of Odisha, Shri Dharmendra Pradhan, Hon’ble Union Minister of Education, Skill Development and Entrepreneurship, Shri Ashwini Vaishnaw, Hon’ble Union Minister of Railways; Communications; and Electronics and Information Technology, Shri Bishweswar Tudu, Hon’ble Union MoS of Tribal Affairs; and Jal Shakti, Shri Nitesh Ganga Deb, Hon’ble Member of Parliament, Shri Nauri Nayak, Hon’ble Member of Odisha Legislative Assembly, Shri Gurdeep Singh, CMD, NTPC along with other dignitaries.

Sitaram Kandi Announced As The New CHRO Of Tata Motors

Tata Motors, India’s leading automobile and mobility solutions company today announced that Mr. Sitaram Kandi is being appointed to the role of Chief Human Resources Officer (CHRO) of the company, effective 1st April 2024.

As CHRO, Mr. Kandi will also join the Tata Motors Executive Committee.

In his current role, Mr. Kandi heads Human Resources for Tata Motors’ Passenger Vehicle and Electric vehicle businesses and leads Employee Relations and Skill Building for Tata Motors. 

Mr. Kandi will be taking over from Mr. Ravindra Kumar G.P, who has been serving as the CHRO of Tata Motors since 2018 and will be moving on to a new responsibility within the Tata Group.

A career HR professional with thirty years of experience and an alumnus of the Symbiosis Institute of Management Studies, Mr. Kandi has worked on diverse facets of HR and Industrial Relations with global companies including Bosch, Monsanto and General Electric, in India and overseas, prior to joining Tata Motors in 2019. 

About Tata Motors

Part of the USD 128 billion Tata group, Tata Motors Limited (BSE: 500570 and 570001; NSE: TATAMOTORS and TATAMTRDVR), a USD 42 billion organization, is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks, and buses, offering an extensive range of integrated, smart, and e-mobility solutions. With ‘Connecting Aspirations’ at the core of its brand promise, Tata Motors is India’s market leader in commercial vehicles and ranks among the top three in the passenger vehicles market.

Tata Motors strives to bring new products that captivate the imagination of GenNext customers, fueled by state-of-the-art design and R&D centres located in India, the UK, the US, Italy, and South Korea. By focusing on engineering and tech- enabled automotive solutions catering to the future of mobility, the company’s innovation efforts are focused on developing pioneering technologies that are both sustainable and suited to the evolving market and customer aspirations. The company is pioneering India's Electric Vehicle (EV) transition and driving the shift towards sustainable mobility solutions by developing a tailored product strategy, leveraging the synergy between Group companies and playing an active role in liaising with the Government of India in developing the policy framework.

With operations in India, the UK, South Korea, Thailand, South Africa and Indonesia, Tata Motors markets its vehicles in Africa, the Middle East, Latin America, Southeast Asia, and the SAARC countries. As of March 31, 2023, Tata Motors’ operations include 88 consolidated subsidiaries, two joint operations, three joint ventures, and numerous equity-accounted associates, including their subsidiaries, over which the company exercises significant influence.

Sundram Fasteners Limited Reports Increase In Consolidated Net Profits At Rs 129.44 Cr For The Quarter Ended Dec 31, 2023

 

Consolidated Financials

·            Revenue from Operations at Rs. 1,367.25 Crores

·            Profit before Tax (PBT) at Rs. 171.85 Crores

·            Profit after Tax (PAT) at Rs. 129.44 Crores

The Board of Directors of Sundram Fasteners Limited today announced the unaudited Financial Results for the third quarter ended December 31, 2023.

Highlights: Quarter ended December 31, 2023: FY 2023-2024

Standalone Financials

The revenue from operations was at Rs 1,180.62 crores for the quarter ended December 31, 2023 as against Rs 1,226.87 crores during the same period in the previous year.

The domestic sales for the quarter ended December 31, 2023 were at Rs 812.46 crores as against Rs 813.38 crores during the previous year.

The export sales for the quarter ended December 31, 2023 were at Rs 339.15 crores as against Rs 364.64 crores during the previous year.

The earnings before interest, depreciation and taxes (EBITDA) for the quarter ended December 31, 2023 was at Rs 201.19 crores as against Rs 188.20 crores during the same period in the previous year.  The Company has improved its EBITDA margin at 16.80% as against 15.10% during the same period in the previous year. This has been due to stringent cost control measures and improvement in operational efficiency.

The finance cost for the quarter ended December 31, 2023, after accounting for exchange differences, was at Rs 3.41 crores, as against Rs 6.27 crores for the corresponding quarter in the previous year. The reduction in finance costs was due to a reduction in borrowings on account of efficient working capital management.

The Company continues to have an all-time low debt-equity ratio of 0.11.

The Profit before Tax (PBT) for the quarter ended December 31, 2023 was at Rs 155.58 crores as against Rs 142.05 crores during the previous year.

Despite the impact of the floods on the operations in the factories located in Chennai in December 2023, the Company has recorded a net profit of Rs. 116.19 crores for the quarter ended December 31, 2023 as against Rs 106.13 crores during the previous year.

Earnings per share for the quarter ended December 31, 2023 amounted to Rs 5.53 and was Rs 5.05 in the corresponding period last year.

Consolidated Financials

The Company’s consolidated revenue from operations posted for the quarter ended December 31, 2023 was at Rs 1,367.25 crores as against Rs 1,403.03 Crores during the same period in the previous year.

The consolidated net profit for the quarter ended December 31, 2023 was at

Rs 129.44 crores as against Rs 118.07 crores during the previous year.

The consolidated earnings per share (EPS) for the quarter ended December

31, 2023 amounted to Rs. 6.12 and was Rs 5.57 in the corresponding period last year.

Highlights: Nine months ended December 31, 2023: FY 2023-2024

Standalone Financials

The revenue from operations was at Rs 3,630.58 crores for the nine months ended December 31, 2023 as against Rs 3,684.70 crores during the same period in the previous year. The net profit for the nine months ended December 31, 2023 was at Rs 346.65 crores as against net profit of Rs 347.99 Crores during the same period in the previous year.

Consolidated Financials

The Company’s consolidated revenue from operations posted for the nine months ended December 31, 2023 was at Rs 4,199.83 crores as against Rs 4,214.80 Crores during the same period in the previous year.  The consolidated net profit for the nine months ended December 31, 2023 was at Rs 391.23 crores as against net profit of Rs. 372.88 Crores during the same period in the previous year.

Memorandum of Understanding with the Government of Tamil Nadu

The Company has entered into a Memorandum of Understanding (MOU) with the Government of Tamil Nadu for the proposed investment of Rs 1,411 crores in its factories in the State of Tamil Nadu. The planned investments span up to 2027-28 and will be used for capacity expansion of existing products, including components for electric vehicles.

Capital expenditure

The Company has incurred capital expenditure for the nine months ended

December 31, 2023 in line with its planned capital expenditure of Rs 300 crores for the financial year 2023-24. In keeping with the large EV orders secured by the Company and the Memorandum of Understanding entered with the Government of Tamil Nadu, capital allocation and development of products are in accordance with the timelines planned by the Company.

About Sundram Fasteners

Sundram Fasteners Limited, a Company headquartered in Chennai, has established a track record of leadership over 60 years. With a diversified product line,

world-class facilities in 3 countries and motivated team of talented people, Sundram Fasteners has become a supplier of choice to leading customers in the automotive segments worldwide.

The product range consists of high-tensile fasteners, powder metal components, cold extruded parts, hot forged components, radiator caps, automotive pumps, gear shifters, gears and couplings, tappets, iron powder, powertrain components and

sub-assemblies. Over the years, the Company has acquired cutting-edge technological competencies in forging, metal forming, close-tolerance machining, heat treatment, surface finishing and assembly.

Apparel Group’s Homegrown Brand R&B Fashion Opens Its 6th Flagship Store In Bengaluru

* The brand expands its Retail Footprint with the launch of its 18th store in India.

Rare and Basics (R&B), a fashion brand under the Apparel Group, has inaugurated its sixth store in Bengaluru. Located at HSR Layout, this new outlet marks the 18th retail establishment for R&B in India.

This opening emphasizes and further builds on R&B’s commitment to strengthen its presence and fulfill the growing fashion demands of Indian consumers. The newly opened large-scale store has a bright interior with segments for men, women, and children. The space is designed to appeal to a range of age groups and offer affordable apparel to Indian shoppers.

Spanning a spacious 12,000 sq.ft, the store at HSR Layout, Bengaluru stands as a testament to R&B Fashion’s reputation for trendsetting. It offers a curated selection, merging international runway hits with versatile everyday fashion. Catering to children, women, and men, the range extends to fashion apparel, footwear, beauty, toys, and accessories. True to R&B’s core values, the store advocates diversity and body positivity, by offering styles in a vast array of sizes.

Apparel Group launched R&B in October 2012 and opened its first retail store at Muscat Grand Mall in Oman. In India, R&B is currently present in Kozhikode (Kerala), Kochi, Ahmedabad
, Hyderabad, Bengaluru, Mangalore and Mysore. It currently operates over 123 stores across seven countries including India, Oman, UAE, Qatar, Bahrain, Kuwait, and Saudi Arabia.

Abhishek Bajpai, CEO of Apparel Group India, said, “Our new flagship store in HSR Layout, Bengaluru is more than just a retail space; it’s a commitment to our customers. As Bengaluru continues to be pivotal in our growth strategy, this launch aligns perfectly with our plans for R&B’s expansion in India. Our homegrown brand is ready to delight customers with its exceptional blend of style, quality, and shopping comfort”.

ABOUT APPAREL GROUP

Apparel Group is a global fashion and lifestyle retail conglomerate residing at the crossroads of the modern economy – Dubai, United Arab Emirates. Today, Apparel Group caters to thousands of eager shoppers through its 2025+ retail stores and 80+ brands on all platforms while employing over 20,000+ multicultural staff.

Apparel Group has carved its strong presence in the GCC and expanded thriving gateways to market in India, South Africa, Singapore, Indonesia, Thailand, Malaysia, and Egypt. Additionally, clear strategies are in place to enter emerging markets such as Hungary and Philippines.

Apparel Group has created an omni-channel experience, operating brands originating from the USA, Canada, Europe, Australia, and Asia. The brands include leading names in fashion, footwear, and lifestyles such as Victoria’s Secret, Victoria’s Secret PINK, Charles & Keith, Aldo, Aldo Accessories, Bath & Body Works, Tim Hortons, Inglot, Call It Spring, Anne Klein, Herschel Supply Co., R&B, Beverley Hills Polo Club, La Vie En Rose, and Daiso Japan. Apparel Group owes its amazing growth to the vision and guidance of its dynamic Founder and Chairwoman, Mrs. Sima Ganwani Ved, who has taken the company from strength to strength since its inception in the last two decades.

ABOUT R&B

The fastest growing value & lifestyle fashion brand in the Middle East & India. R&B was Launched in Oman-Muscat Grand Mall in Oct 2012 and has a strong presence with over 90 plus stores across 7 countries. R&B is constantly striving and launching a new store every month, spread across 1,000,000 area sq. ft.

R&B offers quality clothing at affordable prices across the GCC & India region. Our team of in-house designers ensures we are always ahead of the latest trends, creating great new looks for every season.

We currently feature in Oman, UAE, Qatar, Bahrain, Kuwait, Kingdom Of Saudi Arabia & India.  Our global experience allows us to deliver a brand and product ideally suited for diverse markets with varying customer requirements.

Tata Motors Announces Its Robust Consolidated Q3 FY24 Results

* Revenue Rs  110.6K Cr (+25.0%), EBITDA at Rs 15.8K Cr (+60.6%),

* PBT (bei) Rs 7.6K Cr (+4.4K Cr), Automotive Free Cash Flows Rs 6.4K Cr (+1.1K Cr) (vs PY)  

·       JLR Revenue £7.4b up 22%, EBITDA at 16.2% (+410 bps), EBIT at 8.8% (+510 bps)

·       Tata CV Revenue Rs 20.1K Cr, up 19.2%, EBITDA at 11.1% (+270 bps), EBIT at 8.6% (+270 bps)

·       Tata PV Revenue Rs 12.9K Cr, up 10.6%, EBITDA at 6.6% (-30 bps), EBIT at 2.1% (+60 bps)

Tata Motors Consolidated:

TML delivered a strong performance in Q3 FY24 with Revenue of Rs 110.6K Cr (up 25.0%), EBITDA at Rs 15.8K Cr (up 60.6%) and EBIT of Rs 9.2K Cr (+Rs 5.3K Cr) with all automotive verticals continuing their profitable growth trajectory. PBT (bei) improved by Rs 4.4K Cr to Rs 7.6K Cr and Net Profit was Rs 7.1K Cr. For YTD FY24, the business reported strong PBT (bei) of Rs 19.0K Cr, an improvement of Rs 22.6K Cr over the previous year. Net Automotive debt reduced further to rs 29.2K Cr.

JLR revenue improved 22% to £7.4b. Improved wholesales and reduced material costs resulted in EBIT margins of 8.8% (+510bps). CV revenue improved by 19.2% and EBIT improved to 8.6% (+270bps) benefiting from higher realisations and richer mix. PV revenues were up by 10.6% and EBIT margins improved by 60 bps to 2.1% led by savings in commodity costs. 

Looking Ahead:

We remain positive on all three auto businesses. We expect the performance to further improve in Q4 on account of seasonality, new launches and improving supplies at JLR.  We achieved net debt reduction of ?9.5K Cr in Q3 and we are confident of achieving our deleveraging plans.

PB Balaji, Group Chief Financial Officer, Tata Motors said: “It is satisfying to see our businesses execute well on their differentiated strategies and deliver a strong set of results for the quarter, thereby making it six quarters of consistent delivery. We aim to end the year on a strong footing and remain confident of sustaining our performance in the coming quarters and delivering on our de-leveraging plans.”   

JAGUAR LAND ROVER (JLR) - 

Highlights

·       Record Q3 FY24 and YTD FY24 revenue of £7.4 billion and £21.1 billion respectively.

·       EBIT margin in Q3 FY24 of 8.8%; more than double Q3 FY23.

·       PBT (bei) was £627 million in Q3 FY24, JLR’s highest quarterly profit since Q4 FY17. YTD FY24 PBT (bei) was £1.5 billion.

·       Free cash flow was £626 million in Q3 FY24 and £1.4 billion for YTD FY24 and net debt reduced to £1.6 billion.

·     Total liquidity was £5.8 billion, including the £1.52 billion undrawn revolving credit facility.

Modern Luxury

·       Record quarterly Range Rover wholesales

·       Range Rover Electric generating strong interest with over 15,000 sign ups to the waiting list since opening

·       Sales of highest specification Range Rover SV with average price of £202,000, are growing year-on-year with 3,637 year-to-date sales already surpassing 1,909 Range Rover SV sold in FY23

·       Defender 110 D300 X-Dynamic S wins What Car?  Car of the Year ‘Best seven-seater’ award

Electrification

·       Range Rover Electric prototypes being tested on the road while electric medium size SUV prototypes and new Jaguar prototypes in development

·       Transformation of JLR plants for EV production continues at pace:

o   New £60m BEV underbody line at Solihull, West Midlands, UK, being installed

o   New body shop in Halewood, Merseyside, UK, for electric EMA models near completion

o   Production lines for electric drive unit manufacture at Wolverhampton, West Midlands, UK progressing well

Sustainability

·       ESG risk rating from Sustainalytics further improved, ‘Low Risk’ score reduced from 17.1 to 15.6, with ranking improving from the 4th to the 3rd lowest risk out of 74 companies in the Automotive Sub Industry

Financials

JLR delivered another strong performance in Q3 FY24, increasing wholesales to fulfil more client orders in the quarter. Revenue for the quarter was £7.4 billion, up 22% versus Q3 FY23 and up 8% versus Q2 FY24. Revenues for YTD FY24 were £21.1 billion - JLR’s highest ever revenue in the first nine months of a financial year and up 35% yoy. EBIT margin was positive at 8.8%, more than doubling from 3.7% a year ago. The higher profitability yoy reflects favourable volumes and reduced chip costs, offset partially by unfavourable fixed marketing, administration and FX revaluation.

Looking ahead

The Company is on track to achieve its profitability and cashflow targets. The EBIT margin for FY24 is expected to be over 8% and we continue to expect operating cashflow to support net debt of less than £1 billion by the end of FY24 and positive net cash in FY25.

Adrian Mardell, JLR Chief Executive Officer, said: “We have delivered a further outstanding financial performance in quarter three, with our best quarterly profit for seven years and our highest ever revenue for the first nine months of a financial year. Sales of our modern luxury vehicles hit new records in the quarter and we are excited about the strong client interest for our soon to launch Range Rover Electric. I must attribute these results to our talented and dedicated people, who work relentlessly to bring our exceptional modern luxury cars to the market. Looking ahead, we are mindful of the challenges our business will face but are confident that we will continue to successfully deliver our Reimagine Strategy.”

TATA COMMERCIAL VEHICLES (TATA CV) - 

Highlights

·     Q3 FY24 revenue at Rs 20.1K Cr, (+19.2%), EBITDA 11.1% (+270 bps), EBIT 8.6% (+270 bps), PBT (bei) Rs 1.7K Cr.

·     YTD FY24 revenue at Rs 57.2K Cr, (+15.4%), EBITDA 10.4% (+410 bps), EBIT 7.7% (+400 bps), PBT (bei) Rs 4.1K Cr.

·     Double-digit EBITDA delivered; continue to see sequential improvement.

·     Domestic Vahan market share at 38.7% in Q3 FY24. HGV+HMV 50.7%, MGV 38.6%, LGV 32.4%, Passenger 35.1%. 

·     HGV+HMV market share increasing consistently this year. MGV market shares up 100bps qoq on better availability. Action plans underway to improve LGV market shares.

·     Showcased a wide range of safer, smarter and greener mobility solutions at EXCON 2023. Unveiled advanced and comprehensive range of aggregates.

·     Launched all-new Intra V70 pickup, Intra V20 Gold pickup and Ace HT making small commercial vehicles & pickups more efficient, functional, and productive with reduced ownership costs.

·     Bagged the prestigious order of 1,350 diesel bus chassis from Uttar Pradesh State Road Transport Corporation.

Financials

In Q3 FY24, domestic wholesale CV volumes were 91.9K units, marginally higher 1.1% yoy. Exports were at 4.8K units increasing by 14% yoy. However, revenues improved by 19.2% yoy to Rs 20.1K Cr on account of salience towards medium and heavy commercial vehicles and better market operating price. The quarter witnessed strong EBITDA and EBIT margins of 11.1% (up 270 bps yoy) and 8.6% (up 270 bps yoy) respectively, due to improved pricing, superior mix, and strong realizations leading to a strong PBT (bei) of Rs 1.7K Cr.

Looking ahead

Going forward, we expect demand to improve in Q4FY24 across most segments due to the Government’s continuing thrust on infrastructure development, the promising growth outlook of the economy and our demand-pull initiatives. We will continue to improve realizations whilst growing VAHAN share, drive innovation to address specific micro segment needs, focus on market development and scale up EV penetration. Focused actions are underway to win back the market share in SCVPUs. Profitability continues to remain the key focus area and we will strive to ensure consistent margin improvement and delivery of double-digit EBITDA margins.

Girish Wagh, Executive Director Tata Motors Ltd said: “The CV industry witnessed a pause in sales growth in Q3FY24 on account of the higher base effect, impact of elections held across five states, and the post festive seasonal slowdown in rural consumption. While M&HCV and Passenger Commercial segments witnessed healthy growth, shrinking IL&CV and SCVPU sales pulled down overall volumes during the quarter.  Owing to pricing discipline and richer mix, profitability continued to improve and we achieved 11.1% EBITDA margins in Q3 FY24. We will continue to drive the business with strong customer connect, proactive demand-pull initiatives and with innovations in product and service. By improving customer affinity for our brands, we intend to further step-up registration market shares sustainably, and improve realisations and profitability.”

TATA PASSENGER VEHICLES (TATA PV) - 

Highlights

·     Q3 FY24 revenue at Rs 12.9K Cr, (10.6%), EBITDA 6.6% (-30 bps), EBIT 2.1% (+60 bps), PBT (bei) Rs 0.4 K Cr.

·     YTD FY24 revenue at Rs 37.9K Cr, (+6.0%), EBITDA 6.1% (flat yoy), EBIT 1.6% (+70 bps), PBT (bei) Rs  0.9 K Cr.

·     VAHAN registration market share increased to 14.6% in Q3 FY24. EV registration market share at 73.2%.

·     EV penetration at 12%, CNG penetration at 14% in YTD FY24.

·     Tata Motors’ new Harrier and Safari have become the first recipients of BNCAP’s 5-star rating from India.

·     Commenced production at its state-of-the-art new facility in Sanand, Gujarat.

·     Introduced advanced Pure EV architecture – acti.ev and will underpin future products from the TPEM portfolio.

·     Introduced first car “Punch.ev” on the acti.ev architecture.

·     Inaugurated exclusive TATA.ev stores in Gurugram, offering an immersive experience for the EV community.

·     Signed MOUs with charging point operators and Bharat Petroleum for setting up 17,000+ chargers in the next 1 year.

Financials

PV volumes were at 138.6K units (+5% yoy) supported by a strong supply situation, new SUV facelifts, and a robust demand during the festive period.  Revenues were up 10.6% yoy at Rs 12.9K Cr. EBIT margins improved by 60 bps yoy to 2.1% on account of cost savings in commodities, offsetting higher fixed expense spends. On a standalone basis, in Q3 PV (ICE) EBITDA margins were at 9.4% (+20 bps qoq). EV business EBITDA margins pre R&D spends was near breakeven.

Looking ahead

We continue to see healthy growth for our business with multiple new products scheduled for launch in CY2024. The recently launched Punch.ev has garnered strong interest and will scale up EV volumes further. We successfully retooled Sanand facility in the shortest span of 12 months, taking it to a new level to accommodate a wide range of existing products and future new models to come. We continue to strengthen the EV ecosystem through exclusive TATA.ev stores and are accelerating the charging infrastructure and recently signed MoUs to set-up 17,000+ public chargers. We remain focused to achieve double digit EBITDA margins in PV, grow margins in EV and deliver market beating growth.

Shailesh Chandra, Managing Director TMPV and TPEM said: “Q3 FY24 was a strong quarter for the PV industry with robust festive sales. However, coming off a high base, the industry recorded a single digit growth at an overall level while the sales of EV and CNG powered vehicles grew over 90% and 25% respectively, signaling a growing preference for green and smart technologies by customers. Tata Motors recorded wholesales of 138.5K units (up 5% vs Q3 FY23) with a strong focus on retails resulting in a significant rise in Vahan registrations for Q3 FY24 (up~14% vs Q3 FY23 and ~24% vs Q2FY24). EV sales grew 21% vs Q3 FY23 (domestic + IB) and CNG grew by a substantial 214%.  New avatars of the Nexon (ICE & EV), Harrier and Safari and our EV offering Punch.ev received excellent response from the customers. The business continued to improve financial performance and EV business (excluding R&D spends) was EBITDA breakeven.  Going forward, we will remain agile and are optimistic about continuing the growth trend in the quarters ahead.”

ADDITIONAL COMMENTARY ON FINANCIAL STATEMENTS -           

(Consolidated Numbers, Ind AS)

Finance Costs

Finance costs reduced by Rs 191 Cr to Rs 2,485 Cr in Q3 FY24, due to reduction in gross debt during the period.

Joint ventures, Associates and Other income

For Q3 FY24, net profit from joint ventures and associates amounted to Rs 193 Cr compared with a profit of Rs 103 Cr in Q3 FY23. Other income (excluding grants) was Rs752 Cr in Q3 FY24 versus Rs455 Cr in Q3 FY23.

Free Cash Flows                           

Free cash flow (automotive) for Q3 FY24, was positive at Rs 6.4K Cr driven by strong improvement in cash profits. Net automotive debt reduced to Rs 29.2K Cr.

Embrace The Adventure. BMW Motorrad Kick-Starts GS Experience Level 1, 2024 Training Program

BMW Motorrad commences its most awaited training program – GS Experience Level 1, 2024 in India. The GS Experience presents an unparalleled opportunity for riders to discover the extraordinary prowess of BMW Motorrad's iconic GS series, perfectly suited to its natural terrain. This exclusive, two-day event offers a bespoke training program tailored specifically for owners of BMW's adventure motorcycles, promising a deep dive into the world-class capabilities of the legendary GS range.

BMW Motorrad will host this two-day immersive training for GS owners across 13 cities – Pune, Surat, Mumbai, Kolkata, Indore, Hyderabad, Jaipur, Chennai, Lucknow, Kochi, Bengaluru, New Delhi and Chandigarh.

Mr. Vikram Pawah, President, BMW Group India, said, “The GS is not just a motorcycle, it's a beacon of adventure. BMW Motorrad is reshaping the landscape of adventure biking in India, and the indomitable Spirit of GS is leading the charge. Our GS Experience is more than just a riding program; it's a gateway for adventure enthusiasts nationwide. Tailored to suit all riding styles, this course is meticulously designed to refine your skills, boost your confidence, and amplify the joy of riding. Guided by our trainers from BMW Motorrad International Instructor Academy, participants will unlock the full potential of adventure riding and conquer every challenge with their GS, fully equipped to explore the thrilling world of adventure motorcycling.”

Designed exclusively for BMW GS owners, the two-day level 1 program will help riders to master basics of off-road riding. The day 1 training program is for BMW GS owners of 650 cc and above GS bikes. While the day 2 is for BMW 310 GS riders. The training includes basic familiarity of the motorcycle, understanding of correct rider position, enduro steering and other exercises such as off-road riding, emergency stops on slope, emergency braking and riding on inclines. Riders automatically qualify for level 2 training upon successful completion of level 1.

The GS Experience showcases the dynamic qualities of each GS model in real-world conditions and techniques to enjoy the Spirit of GS while ensuring highest safety. Each session includes a briefing and demonstration by BMW Motorrad IIA (BMW Motorrad International Instructor Academy) certified trainers, that will take riders through the impressive array of technologies available on the GS range of motorcycles. The sessions offer riding experience on a combination of bitumen and off-road under expert supervision.

For registration and further details contact the nearest BMW Motorrad Dealership.

World Cancer Day Spotlight: Experts Views On Tackling Karnataka’s Cancer Challenge

-          Personalised Care through precision driven approach that puts patients at the centre

-          Access to global experts and technology to bring in a multi-disciplinary approach 

-          Introducing precision technology through CAR-T Cell Therapy for cancer patients

Karnataka carries a staggering cancer burden, with the second highest reported rate among all Indian states covered by population-based cancer registries (PBCRs). Data reveals a staggering 151 cases per lakh population, mainly cervical ovarian and breast cancers which translates to a significant public health challenge.

Despite a rising burden, personalized medicine offers tailored therapy. Recently, India witnessed a beacon of hope in the form of precise cutting-edge treatments and personalised care approaches. For instance, standing at the forefront of precision therapy for cancer, is the newly introduced CAR-T cell therapy, NexCAR19. According to medical oncologists, this gene-modified cell treatment offers a single-infusion approach that significantly improves quality of life at a fraction of the global cost. The arrival of CAR-T program in Karnataka marks the start of a new era of personalized cancer care. It opens avenues for newer therapies and solutions for patients with relapsed or refractory B-cell lymphoma and B-acute lymphoblastic leukaemia.

A cancer diagnosis often comes with an overwhelming amount of information for patients to sift through and remember. In the intricate tapestry of cancer care, case managers emerge as vital navigators, offering a beacon of support for those traversing the challenging terrain of diagnosis and treatment. Medix Global, which offers a unique healthcare management model, further amplifies this support by offering its Personalised Cancer Care Case Management services as a pillar of support for patients and their families. "No two cancer journeys are identical," says Medix Global’s Founder and CEO, Ms. Sigal Atzmon. "That's why we tailor our services to each patient's unique needs. We delve into medical history, personal circumstances, and treatment goals, crafting a precise, personalised care plan just for them. Ultimately, we aim to empower patients, navigating the intricate landscape of cancer care with compassion while leveraging both global and local expertise”, she said.

Medix Global aims at bringing in a fundamental change in how healthcare is delivered and consumed in India. Dr. Ankit Kumar Gupta, Senior Case Manager Doctor at Medix Global’s Mumbai Office emphasises on how their model is a movement away from a one-size-fits-all and fragmented approach towards more advanced, nuanced, patient-specific and holistic cancer care. “By implementing our uniquely managed care models across India, Medix flattens the inequality of care curve, reduces unwarranted healthcare variations between doctors, hospitals, cities, regions, countries and more, making quality healthcare borderless”, he said.

“The impact and improvement in medical outcomes that we have demonstrated speaks for itself”. Added Ms. Atzmon. “In 7.8% of the oncology cases managed, we changed the diagnosis and helped reach an accurate diagnosis. This includes, the type or subtype of cancer, staging of the tumour or extreme cases in which the patient was wrongly diagnosed and did not have cancer at all. In 54.1% of the cases, our specialists have recommended a different and more optimal, personalised treatment regimen. In 11.5% of the cases we helped, our patients avoid significant unnecessary treatment, procedures or surgery that was either not in line with the medical guidelines or not indicated for their condition.” 

Personalised Cancer Management is crucial not just for better patient outcomes but also for the sustainability of healthcare systems at large. Such transformative approaches to healthcare shine as opportunities for individuals, insurers, employers and healthcare providers alike to ensure a healthier, more sustainable future.

About Medix:

Medix is a ground-breaking medical management company engineered to direct the full potential of leading science, expertise, treatments, and technology to people’s most critical health needs. Since 2006, Medix has been changing the course of health for millions of customers by delivering impactful medical responses that are borderless, personalised and data-driven. We embolden health & life insurers, brokers, employers, consumer facing retailers, and governmental institutions to transcend conventional care models, moving beyond transactional care to better health, human, and financial outcomes.

Medix’ responses combine the best digital tools with real human presence and operations on the ground for any health need throughout life, and include Medical Prevention, Chronic Disease Management, Personal Medical Case Management and Care Navigation, Rehabilitation and Mental Health Management.

Medix services can be found all over the world, active in more than 90 countries, servicing millions of customers with bases in Mumbai, Delhi, New York, London, Munich, Tel Aviv, Singapore, Jakarta, Kuala Lumpur, Bangkok, Melbourne, and Hong Kong. As a shared value company, Medix drives social and economic growth in the communities we serve while delivering proven better medical and human outcomes.